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Title: Crypto Hardware. Do I need to depreciate it on taxes? Or can I claim full amt? Post by: beastykato on January 29, 2018, 07:51:17 PM The title pretty much speaks for itself. I am in the U.S. and I'm trying to get my taxes set up to file.
I do not know whether all the hardware I've bought ~$5000 is available to claim as a full amount or if I am forced to use deprecation. I've talked to 3 different CPA's on Turbotax and they all give me different answers. One said that I must depreciate computer hardware and one other said he sees no reason that I can't take the full value. I don't understand why this question is so difficult for them to answer. It should be either a yes or no I would assume? Title: Re: Crypto Hardware. Do I need to depreciate it on taxes? Or can I claim full amt? Post by: LeGaulois on January 29, 2018, 08:46:08 PM It doesn't make sense to me to depreciate the hardware, it's not like a car. And depreciate based on what, the year the hardware has been manufactured, the average use of it? If you need to report the time used then it's a no end, that's why I say it's senseless
Title: Re: Crypto Hardware. Do I need to depreciate it on taxes? Or can I claim full amt? Post by: Hamphser on January 29, 2018, 09:03:28 PM 3 different CPA's on Turbotax and they all give me different answers
Quiet surprising that they do have different answer towards it since you are just on the same place and they should really know regarding on those things. Depreciates on hardware is indeed sense. Taxes only works on the amount you are profiting on it but on a certain range but talking towards on those miners then theres no connection on that. Title: Re: Crypto Hardware. Do I need to depreciate it on taxes? Or can I claim full amt? Post by: avikz on February 06, 2018, 10:36:00 PM The title pretty much speaks for itself. I am in the U.S. and I'm trying to get my taxes set up to file. I do not know whether all the hardware I've bought ~$5000 is available to claim as a full amount or if I am forced to use deprecation. I've talked to 3 different CPA's on Turbotax and they all give me different answers. One said that I must depreciate computer hardware and one other said he sees no reason that I can't take the full value. I don't understand why this question is so difficult for them to answer. It should be either a yes or no I would assume? I don't know how a hardware can be depreciated! If you know the way, share it with the community. I am sure the CPA didn't understand your complete question and provided a vague answer. Hardware can't be depreciated and you can claim the entire amount in your tax amount, unless your local law says that, exemption can only be claimed on the market price. So, if the above condition stands true, then you have to check for the market price of that hardware. If you have bought it at 5k and the market price is 3k, then you can claim only 3k in your tax information form. Hope this helps! |